Explore Global Smart Toys Market, Size, Share, Analysis and Growth Forecast Report by 2018–24
Bluetooth, Wi-Fi, RFID, and NFC are the technologies used in the smart toys market. Among all these categories, RFID technology is anticipated to witness the fastest growth during the forecast period due to the increasing adoption of RFID for tracking and tagging products.
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Based upon distribution channels, the smart toys market is segmented into offline stores, toy shops, specialty stores, online stores, and others. Among all channels, toy shops record the largest sale of these toys, however, online stores are anticipated to witness the fastest growth during the forecast period. This is primarily due to the increasing penetration of e-commerce increasing awareness pertaining to online stores.
All the major players in the toy industry have started investing in the research and development activities. The hotel and tourism industry and coaching centers have started utilizing smart toys to attract the customers and increase their market base. Advancements in technology and the adoption of artificial intelligence by the market players to develop their products are other key trends witnessed in the smart toy industry.
Key players in the smart toy industry are investing heavily in research and development to improve the quality of the product and are also adopting the latest technologies which are strengthening their position in the market. Moreover, it has been observed that local players are depending upon new technology to develop cost efficiencies in their business operations thus increasing the rivalry in the market to some extent.
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Some major players in the smart toys market include Sanrio Company Ltd., Konami Corporation, Fisher Playmates Toys, TOMY Company Ltd., Dream International Ltd., Kids II Sanrio Company Ltd., JAKKS Pacific Inc., Integrity Toys, Inc., Mattel, Inc. and Leap-Frog Enterprises Inc.
Source: VynZ Research
